To that end, Oscar Meza, Director of the Documentation Center for Social Analysis (Cendas-FVM), said that measurements of scarcity and inflation in May are going to be the worst to date. “We are officially declaring May as the month that [widespread] hunger began in Venezuela,” he told Web Noticias Venezuela. … “As for March, there was an increase in yearly prices due to inflation — a 582.9 percent increase for food, while the level of scarcity of basic products remains at 41.37 percent.”

Keep in mind whereas money means, inevitably, silver and gold, "monetary" refers to all things relating to medium of exchange, including credit of all kinds, including ex nihilo credit.

Now, whether there is a 582% increase in the price of food in Venezuela, or a 8% in USA, the same thing is going on, it is a matter of degree not kind. The producers are absorbing the shock of unwarranted currency by requiring more in price than before the production of unwarranted currency.

The first to get the unwarranted currency benefits most. Since the monetary events starts with an action of say printing too much currency, the printer pays bills with the new currency before the prices go up. Paying bills with the new currency causes the prices to go up. the forge wins. Larry Lunchbucket is the one who pays the price, for he gets a paycheck later then the prices go up, so his buying power goes down.